Multiple Choice
What is the effect on the statement of financial position when the business buys inventory on credit?
A) Increase asset inventory; increase liability creditor.
B) Increase asset inventory; increase equity.
C) Decrease asset inventory; decrease liability creditor.
D) Decrease asset inventory; increase liability creditor.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Calculate the missing cash at bank account
Q10: Calculate equity. Cash at bank $3,500; inventory
Q11: Identify the intangible asset.<br>A)Brand name.<br>B)Loan.<br>C)Accounts payable.<br>D)Inventory.
Q12: What is the overall effect on the
Q13: Complete the following table concerning the
Q15: If liabilities are $55,000 and assets are
Q16: Which of these is not always a
Q17: If reported profits are reduced by $6,000
Q18: Which of the following is an example
Q19: In the accounting equation, claims on the